Tech stocks fuel ASX advance after Wall Street stalls

The Australian sharemarket held its ground on Thursday after key Wall Street indices stalled overnight on fears some stocks are beginning to look overvalued.

Although A2 Milk shares were weak, it still garnered positive comments from investing veteran Geoff Wilson, who described the infant formula maker as something of a “fallen angel”. Chinese marriage registrations rose 40 per cent in the December quarter, Wilson said. “It’s quite heavily shorted – we think the share price could easily increase 50 per cent in the next 12 months.”ANZ shares rose 0.8 per cent after Standard and Poor’s upgraded the ratings of the bank’s capital instruments by a notch.

“As of March, cocoa beans are now more expensive than copper,” wrote HSBC chief economist Paul Bloxham in a research note.

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